Nigeria’s journey toward a fully cashless economy continues to gain momentum as electronic payment transactions surged to N384 trillion in July 2025, according to the Central Bank of Nigeria (CBN).
This marks a significant rise from N280 trillion in August 2024, reflecting deepening public confidence in digital payments and the rapid transformation of the country’s financial ecosystem.
The Governor of the Central Bank of Nigeria, Olayemi Cardoso, disclosed this while speaking during the opening ceremony of the Nigeria Fintech Week 2025 in Lagos.
Cardoso, who was represented by the Director of Payment System Supervision at the apex bank, Opemi Yusuf, said in terms of volume, the country recorded 4.12 billion electronic transactions in July 2025, up from 3.9 billion a year earlier.
“Over the last year, we have seen strong adoption of digital channels with total electronic payments reaching over 3.9 billion transactions valued at N280 trillion in August 2024 compared to the growth of 4.12 billion transactions valued at N384 trillion by July 2025,” he stated.
Growth driven by confidence
The CBN governor noted that the sustained growth in electronic transactions mirrors the growing confidence of Nigerians in digital platforms and underscores the success of reforms within the payment ecosystem.
- To maintain this momentum, he said, the apex bank has prioritized integrity and security through stringent standards, enhanced cybersecurity frameworks, and advanced fraud detection technologies.
- Cardoso reaffirmed the CBN’s commitment to “responsible innovation” that encourages creativity while maintaining financial stability.
- He cited initiatives such as open banking, which when fully operational, would foster greater competition and enable tailored financial services for customers.
“As Nigerians advance towards a cashless economy, the foundation of progress must remain trust in our payment system. Innovation loses its meaning if consumers are not confident in the safety of their money or the protection of their data,” he said.
The CBN Governor added that the apex bank continues to work closely with the Nigeria Electronic Fraud Forum and law enforcement agencies to combat digital crime and protect consumers.
“By balancing innovation with prudent oversight, we allow new technologies to flourish while protecting consumers and the broader financial system. A symphony is incomplete if some instruments are silent,” he said in reference to the theme of the forum.
Fintech leaders push for collaboration
In his opening address at the event, President of the Fintech Association of Nigeria (FintechNGR), Dr. Stanley Jacob, described this year’s theme, “The FinTech Ecosystem Symphony: Orchestrating Nigeria’s Digital Future”, — as a call to collective action.
“This is not merely an event; it has become a statement of intent,” Jacob said, urging participants to seize the opportunity to forge partnerships and make impactful deals that will shape the sector’s future.
Also speaking, Vice President of the Association and Chair of the 2025 NFW, Dr Jameelah Sharrief-Ayedun, noted that for the first time, besides having diverse sector participation, the NFW is happening concurrently in more than one city.
According to her, beyond Lagos, the event is also holding in Abuja, Delta and Enugu at the same time.
In his remarks, President of the Africa Fintech Network (AFN), Dr. Segun Aina, highlighted Nigeria’s leadership role in Africa’s fintech evolution, noting that the country is home to four of the continent’s nine fintech unicorns.
“Nigeria still has a lot of challenges, but it also has immense potential. Some of you here today will go on to lead the next generation of African fintech unicorns,” Aina said.
- Aina disclosed that AFN is working with regulators, including the CBN, on a “Fintech Licensing Passporting” framework aimed at easing the process for startups to operate seamlessly across African countries.
- The initiative, he said, would harmonize regulatory requirements and promote cross-border fintech expansion.
